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Silver holds near $61 as traders await US PCE and GDP data
Silver slipped about 0.7% on the day and analysts said it remains capped beneath $62.20-$62.25 while RSI stays around 35.
Silver futures on XAG/USD attracted selling near $61.75 in the Asian session on Wednesday, pausing a recovery attempt after the prior move off the $60.30 area, which was the lowest level since Aug. 5, according to FXStreet.
The metal was trading around the $61.0 level, down roughly 0.7% for the day, as traders looked ahead to the US Personal Consumption Expenditures (PCE) Price Index and the final US Q2 GDP print for fresh momentum.
On the chart, FXStreet said silver maintained a bearish near-term bias below the $62.20-$62.25 support breakpoint and the 200-period Exponential Moving Average on the 4-hour chart at $64.28.
FXStreet also noted that the MACD has turned marginally positive, but RSI near 35 remains in weak territory, suggesting any rebounds could be limited and face resistance around $61.80-$61.85 and the $62.0 and $62.20-$62.25 levels.
Latest closeSilver $60.95 ▼5.1%